Ann Taylor (NYSE: ANN) is an American group of specialty apparel retail chain stores for women, headquartered in New York City, (7 Times Square Tower, New York, NY 10036). The stores offer classic styled suits, separates, dresses, shoes and accessories. The brand is marketed under four divisions, Ann Taylor, LOFT (formerly Ann Taylor LOFT), Ann Taylor Factory and LOFT Outlet.
Richard Liebeskind, the founder of Ann Taylor Stores Corp., opened his first store in 1954. The first Ann Taylor store (Store 0001) was opened two years later in New Haven, Connecticut. "Ann Taylor" was the name of a best-selling dress at the founder's father's store. Both the best-selling dress and the name "Ann Taylor" were given from the father to his son, Richard Liebeskind [3], for good luck. [4] Liebeskind decided to go with the name Ann Taylor because "Ann" was considered a very New England name, and "Taylor" evoked the image of tailored clothing. The name created the ideal identity of classic woman's apparel.
As of the end of fiscal 2008, Ann Taylor had 935 stores consisting of 320 Ann Taylor stores, 510 LOFT stores, 91 Ann Taylor Factory stores, and 14 LOFT Outlet stores.[5] Total revenue was $2.4 billion, of which $1.09 billion came from the company's Ann Taylor Loft division, $689 million from Ann Taylor, and $417 million from Ann Taylor Factory Store.
Responsibilities
The following shall be the principal responsibilities of the Committee:
A. Engagement of Independent Auditors. The Committee shall be directly responsible for the appointment, compensation, retention and oversight of the work of the independent auditors (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company. The Committee shall also have the authority to engage the independent auditors to perform non-audit services, as further described under Section III.E below. The independent auditors shall report directly to the Committee.
B. Determination as to Independence and Performance of Independent Auditors. The Committee shall receive, before the engagement of the independent auditor and not less frequently than annually thereafter, reports from the independent auditors affirming the auditors’ independence, which reports shall include such details (including any relationships between the independent auditor and the Company that, in the auditor’s professional judgment, may reasonably be thought to bear on its independence) as are required by the rules of the Public Company Accounting Oversight Board (PCAOB), applicable law and listing standards. The Committee shall discuss such reports with the auditors, and if so determined by the Committee, take appropriate action to satisfy itself of the independence of the auditors. The Committee shall also receive periodic reports from the independent auditors (not less frequently than annually) confirming that the (i) lead audit partner and reviewing audit partner responsible for the audit of the Company’s financial statements have not performed audit services for the Company for more than the previous five consecutive fiscal years of the Company, and (ii) chief executive officer, chief financial officer, controller, chief accounting officer or other person serving in an equivalent position of the Company, was not, within one year prior to the initiation of the audit, an employee of the independent auditor who participated in any capacity in the Company’s audit.
The Committee shall review the qualifications and performance of the Company’s independent auditors, including the lead partner, annually. In doing so, the Committee shall consult with management and the head of internal audit and shall also obtain and review a written report by the independent auditors describing their internal quality-control procedures and any material issues raised by the most recent internal quality-control review, or peer review (if applicable), or by any inquiry or investigation by governmental or professional authorities within the preceding five years, respecting one or more independent audits carried out by the independent auditors and the response of the independent auditors, and any steps taken to deal with any such issues. The Committee shall present its conclusions with respect to the qualifications, performance and independence of the independent auditors to the full Board of Directors.
In addition to assuring the regular rotation of the lead audit partner as required by law, the Committee shall consider whether, in order to assure continuing auditor independence, there should be regular rotation of the audit firm itself. Any selection of the auditors by the Committee may be subject to shareholder ratification.
C. Determination as to Performance of Internal Auditors. The Committee shall annually review the experience and qualifications of the senior members of the internal audit group and review and approve any appointment, reassignment or dismissal of such members. The Committee shall also consider, at least annually, in consultation with the independent accountants, the vice-president of internal audit and the Chief Financial Officer, the audit scope and plan of the internal audit group.
D. Audits by Internal and Independent Auditors. The Committee shall discuss with the vice-president of internal audit and the independent auditors the overall scope and plans for their respective audits, including the adequacy of the budget, staffing and other factors that may affect the effectiveness and timeliness of such audits. In this connection, the Committee shall discuss with management, the internal audit group and the independent auditors the adequacy and effectiveness of the accounting and financial controls, the Company’s major financial, legal compliance, technology and business continuity risk exposures, and the steps management has taken to monitor and mitigate such exposures, among other considerations that may be relevant to their respective audits. The Committee shall review with management and the independent auditors the Company’s report on its internal control over financial reporting and the independent auditor’s attestation report thereon. The Committee shall review with the Chief Executive Officer and Chief Financial Officer and independent auditors, periodically, the following: (i) all significant deficiencies in the design or operation of internal control over financial reporting which could adversely affect the Company’s ability to record, process, summarize, and report financial data, including any material weaknesses in internal control over financial reporting identified by the Company’s independent auditors; (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting; and (iii) any significant changes in internal control over financial reporting or other factors that could significantly affect internal control over financial reporting, including any corrective actions with regard to significant deficiencies and material weaknesses.
Ignoring employee turnover won't make it go away. The risk of doing nothing is great. The loss of customers, supplier confidence, investor support, and employee morale can be very expensive. Can you put a value on these costs? What does it cost when you lose a valued customer because you can no longer provide the level of service, expertise, or reliability demanded in today's competitive market?
Some business leaders are reluctant to invest very much in building retention because they fear it might be disproportionately expensive to keep people. However, an increasing number of employers are finding ways, usually inexpensive, to hold the interest--and the loyalty--of their people. As employee retention specialists for over a decade (Roger wrote the seminal book in the field, Keeping Good People, in 1990), we have collected a treasure chest of best practices. We share them with you here in hopes that you will learn and be inspired to make a difference in your organization.
In our research, we have found many companies that do some unique things to attract, optimize, and hold their valued employees. Others engage in more common practices, but do them well. Some approaches may seem a bit out of the ordinary, but that's what helps position those companies as Employers of Choice. To be chosen by the employees you want is a worthy objective, especially when your competitors are eager to hire the same people.
Companies grow with courageous, inquisitive, and innovative people. Retensa stays dedicated to this formula and we have become some of the most recognized Employee Retention Experts in the world. Retensa's Executive Bios and Advisors are listed below. Great appreciation goes out to each one of them for their hard work and commitment.
Chason P. Hecht - President
Chason Hecht is an advocate and innovator of employee retention strategies, and the Founder and President of Retensa, a firm dedicated to addressing the social and economic impact of employee turnover. Mr. Hecht is an often noted expert by media including NBC, ABC, Forbes, BusinessWeek, HR Magazine, the Associated Press, and Georgetown University. He is a popular speaker and the publisher of Employee Retention News. Previously, he served as Vice President of Operations at an international manufacturer where he restructured the Human Resources function to incorporate Enterprise Resource Planning (ERP) systems, diversify employee programs, and improve organizational effectiveness, and Director of Technology at a global IT consulting firm delivering over $40 million of information systems in the US and Europe. Chason holds a B.S. Magna cum Laude in Management Information Systems, a B.A. Magna cum Laude in Political Science, and a Minor in Global Business Systems, from George Mason University.
Richard Liebeskind, the founder of Ann Taylor Stores Corp., opened his first store in 1954. The first Ann Taylor store (Store 0001) was opened two years later in New Haven, Connecticut. "Ann Taylor" was the name of a best-selling dress at the founder's father's store. Both the best-selling dress and the name "Ann Taylor" were given from the father to his son, Richard Liebeskind [3], for good luck. [4] Liebeskind decided to go with the name Ann Taylor because "Ann" was considered a very New England name, and "Taylor" evoked the image of tailored clothing. The name created the ideal identity of classic woman's apparel.
As of the end of fiscal 2008, Ann Taylor had 935 stores consisting of 320 Ann Taylor stores, 510 LOFT stores, 91 Ann Taylor Factory stores, and 14 LOFT Outlet stores.[5] Total revenue was $2.4 billion, of which $1.09 billion came from the company's Ann Taylor Loft division, $689 million from Ann Taylor, and $417 million from Ann Taylor Factory Store.
Responsibilities
The following shall be the principal responsibilities of the Committee:
A. Engagement of Independent Auditors. The Committee shall be directly responsible for the appointment, compensation, retention and oversight of the work of the independent auditors (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company. The Committee shall also have the authority to engage the independent auditors to perform non-audit services, as further described under Section III.E below. The independent auditors shall report directly to the Committee.
B. Determination as to Independence and Performance of Independent Auditors. The Committee shall receive, before the engagement of the independent auditor and not less frequently than annually thereafter, reports from the independent auditors affirming the auditors’ independence, which reports shall include such details (including any relationships between the independent auditor and the Company that, in the auditor’s professional judgment, may reasonably be thought to bear on its independence) as are required by the rules of the Public Company Accounting Oversight Board (PCAOB), applicable law and listing standards. The Committee shall discuss such reports with the auditors, and if so determined by the Committee, take appropriate action to satisfy itself of the independence of the auditors. The Committee shall also receive periodic reports from the independent auditors (not less frequently than annually) confirming that the (i) lead audit partner and reviewing audit partner responsible for the audit of the Company’s financial statements have not performed audit services for the Company for more than the previous five consecutive fiscal years of the Company, and (ii) chief executive officer, chief financial officer, controller, chief accounting officer or other person serving in an equivalent position of the Company, was not, within one year prior to the initiation of the audit, an employee of the independent auditor who participated in any capacity in the Company’s audit.
The Committee shall review the qualifications and performance of the Company’s independent auditors, including the lead partner, annually. In doing so, the Committee shall consult with management and the head of internal audit and shall also obtain and review a written report by the independent auditors describing their internal quality-control procedures and any material issues raised by the most recent internal quality-control review, or peer review (if applicable), or by any inquiry or investigation by governmental or professional authorities within the preceding five years, respecting one or more independent audits carried out by the independent auditors and the response of the independent auditors, and any steps taken to deal with any such issues. The Committee shall present its conclusions with respect to the qualifications, performance and independence of the independent auditors to the full Board of Directors.
In addition to assuring the regular rotation of the lead audit partner as required by law, the Committee shall consider whether, in order to assure continuing auditor independence, there should be regular rotation of the audit firm itself. Any selection of the auditors by the Committee may be subject to shareholder ratification.
C. Determination as to Performance of Internal Auditors. The Committee shall annually review the experience and qualifications of the senior members of the internal audit group and review and approve any appointment, reassignment or dismissal of such members. The Committee shall also consider, at least annually, in consultation with the independent accountants, the vice-president of internal audit and the Chief Financial Officer, the audit scope and plan of the internal audit group.
D. Audits by Internal and Independent Auditors. The Committee shall discuss with the vice-president of internal audit and the independent auditors the overall scope and plans for their respective audits, including the adequacy of the budget, staffing and other factors that may affect the effectiveness and timeliness of such audits. In this connection, the Committee shall discuss with management, the internal audit group and the independent auditors the adequacy and effectiveness of the accounting and financial controls, the Company’s major financial, legal compliance, technology and business continuity risk exposures, and the steps management has taken to monitor and mitigate such exposures, among other considerations that may be relevant to their respective audits. The Committee shall review with management and the independent auditors the Company’s report on its internal control over financial reporting and the independent auditor’s attestation report thereon. The Committee shall review with the Chief Executive Officer and Chief Financial Officer and independent auditors, periodically, the following: (i) all significant deficiencies in the design or operation of internal control over financial reporting which could adversely affect the Company’s ability to record, process, summarize, and report financial data, including any material weaknesses in internal control over financial reporting identified by the Company’s independent auditors; (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting; and (iii) any significant changes in internal control over financial reporting or other factors that could significantly affect internal control over financial reporting, including any corrective actions with regard to significant deficiencies and material weaknesses.
Ignoring employee turnover won't make it go away. The risk of doing nothing is great. The loss of customers, supplier confidence, investor support, and employee morale can be very expensive. Can you put a value on these costs? What does it cost when you lose a valued customer because you can no longer provide the level of service, expertise, or reliability demanded in today's competitive market?
Some business leaders are reluctant to invest very much in building retention because they fear it might be disproportionately expensive to keep people. However, an increasing number of employers are finding ways, usually inexpensive, to hold the interest--and the loyalty--of their people. As employee retention specialists for over a decade (Roger wrote the seminal book in the field, Keeping Good People, in 1990), we have collected a treasure chest of best practices. We share them with you here in hopes that you will learn and be inspired to make a difference in your organization.
In our research, we have found many companies that do some unique things to attract, optimize, and hold their valued employees. Others engage in more common practices, but do them well. Some approaches may seem a bit out of the ordinary, but that's what helps position those companies as Employers of Choice. To be chosen by the employees you want is a worthy objective, especially when your competitors are eager to hire the same people.
Companies grow with courageous, inquisitive, and innovative people. Retensa stays dedicated to this formula and we have become some of the most recognized Employee Retention Experts in the world. Retensa's Executive Bios and Advisors are listed below. Great appreciation goes out to each one of them for their hard work and commitment.
Chason P. Hecht - President
Chason Hecht is an advocate and innovator of employee retention strategies, and the Founder and President of Retensa, a firm dedicated to addressing the social and economic impact of employee turnover. Mr. Hecht is an often noted expert by media including NBC, ABC, Forbes, BusinessWeek, HR Magazine, the Associated Press, and Georgetown University. He is a popular speaker and the publisher of Employee Retention News. Previously, he served as Vice President of Operations at an international manufacturer where he restructured the Human Resources function to incorporate Enterprise Resource Planning (ERP) systems, diversify employee programs, and improve organizational effectiveness, and Director of Technology at a global IT consulting firm delivering over $40 million of information systems in the US and Europe. Chason holds a B.S. Magna cum Laude in Management Information Systems, a B.A. Magna cum Laude in Political Science, and a Minor in Global Business Systems, from George Mason University.